As New York City’s filthy commie mayor struggles to fill a $5.4 billion budget gap with a massive soak-the-rich-then-soak-them-some-more tax hike, trillion-dollar asset management fund Apollo Global Management says it will open a secondary headquarters in Florida or Texas. “Apollo expects most of its future hiring to be in the second hub rather than Manhattan,” according to the New York Post, surprising literally no one.
“The reality is that you can’t propose budget after budget that vilifies employees and then be surprised when they decide to go somewhere else,” Partnership for New York City CEO Steve Fulop told the paper.
“New York City can’t tax people in sane states,” Your Friendly Neighborhood VodkaPundit sagely added while adding an extra dash of schadenfreude to his Bloody Mary.
You know what happens after a huge firm like Apollo builds a second headquarters in a low-tax, liberty-loving state like Florida or Texas, right? Sooner or later, they shrink operations at the old HQ before finally boarding the windows and padlocking the doors.
“TAX THIS!” to put it in language New Yorkers understand and enjoy.
Before we get deeper into this, I’d like to apologize for the completely over-the-top hyperbole in the lead and in the headline. As it turns out, Apollo Global Management is nothing like a “trillion-dollar firm.” In fact, Apollo manages a meager $900 billion in assets, which is practically nothing, and certainly not even close enough to a trillion dollars for Mamdani and his commie cronies to ever miss it.
On the other hand, $900 billion here, $900 billion there, and pretty soon you’re pining for the days of $5.4 billion deficits.
So about that deficit.
NYC has an annual budget of about $127 billion, and chronic deficits of $4-6 billion. But that’s nothing for the city’s “Democratic Socialist” mayor, Zohran Mamdani, who wants to throw additional billions of Other People’s Money at public education (already some of the most expensive in the world, and with terrible results), legal services for illegals fighting deportation, city-run grocery stores, Homeless Inc., free buses, and more.
NYC lavishes its 8.5 million people (and shrinking) with $127 billion in spending, not including whatever Albany contributes with state spending. That’s just shy of $15,000 per person in city spending alone, but I wonder if you’ll ever meet a New Yorker who feels like they get anything close to $15,000 in services.
The city’s budget is slightly more than the entire state of Florida ($117.4 billion) spends on the state’s 23.5 million people (and growing). Florida’s budget includes $16.75 billion in reserves and $250 million for debt reduction.
But let’s look at Miami, Florida’s largest city, where the local government spends just $3,600 per denizen — or roughly a quarter of NYC’s largess. Yet the Post notes that Mamdani views his city’s deficit as “a crisis that can only be fixed with more taxes to build revenue.”
“Florida has already lured heavyweights like Citadel and Elliott Management,” the Post reminds readers, while “Goldman Sachs and JPMorgan are hunkering down in Texas.”
Wealthy individuals and trillion-dollar firms (sorry, I did it again!) like Apollo either have left New York or are eyeing the exits.
And Mamdani is just getting started.
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